Sanlam has seen record earnings, and believes that major structural challenges facing the African continent will be resolved.
Sanlam, Africa’s biggest insurer, has achieved record earnings, with the group remaining positive that the economic challenges facing Africa will be resolved.
The life insurance portfolio grew by 19%, general insurance by 21%, investment management by 14% and credit and structuring by 29%. Thus, the group’s headline earnings per share increased by 48%, from 473 cents in FY22 to 702 cents in FY23.The group also remains positive about its prospects in 2024, even if ongoing geopolitical conflicts pose a risk to the outlook of investment markets, interest rates, and inflation—the group’s earnings are highly sensitive to moves in global investment markets.